OANDO SAGA: Police Seal Off Company Head Office

OANDO SAGA: Police Seal Off Company Head Office

Oando Plc head office has been reportedly sealed off by the Police, on Monday.

The reason for the Police action is however not clear at time of writing this story, but this is coming on the heels of the sacking of the management and board of the company by the Securities and Exchange Commission on Friday and the appointment of an interim management team led by Mr Mutiu Sunmonu, former Managing Director of Shell Petroleum Development Company.

According to SEC, Mr. Sunmonu’s team will be in control of the company pending the constitution of a new management team.

SEC has also ordered the conduct of an Extra Ordinary General Meeting on or before July 1, 2019 to appoint new directors for the indigenous oil company.

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The Commission, while announcing the sack of the company’s management and board last Friday, said that the result of the forensic audit carried out on the company over a year ago revealed serious infractions by the company.

SEC then directed the resignation of the company’s board and management. It also placed a five-year ban on the Group Managing Director, Mr Wale Tinubu, and the Deputy Group Managing Director, Mr Omamofe Boyo, from serving as director in any public-quoted company of any sort.